Donington's F1 dream over

Donington's hopes of hosting the British Grand Prix are over after the venue failed to raise sufficient funds. Donington Ventures Leisure Limited (DVLL) was given until Friday October 23 to raise £135 million (US$226.5m) to undertake the ambitious renovation project, but the group have confirmed the fundraising attempts were unsuccessful.

"Donington Ventures Leisure Limited has confirmed that a bond for £135 million to cover the cost of the F1 redevelopment at Donington Park has been unsuccessful. Despite higher than expected levels of interest and very positive early indications, the bond - which was launched with Citi Group last week - has failed to secure enough subscription ahead of today's deadline," a statement from DVLL said.

"Information regarding the circuit's future plans is not yet available; however the major focus is on providing security for the Leicestershire venue and all related parties, including staff and suppliers."

The news means that Donington will not host the 2010 British Grand Prix, and F1 chief Bernie Ecclestone is likely to step up talks with Silverstone, who have been waiting in the wings to step in if the deal fell through. Damon Hill, president of the British Racing Drivers' Club, had said the circuit would want a long-term contract, and this is now likely to be the case, continuing the circuit's long history of hosting the event.